Week 1: Identifying an opportunity - Institutional Voids
Institutional voids are a defining characteristic of emerging markets. To be an effective entrepreneur, one has to learn to not only find a way around these institutional voids but also render them into opportunities. This week’s sessions will define what is meant by institutional voids, how these voids are prevalent throughout emerging markets, and the ways in which two companies in different African regions and industries effectively turned these voids into opportunities. Ultimately, winning in an emerging market often comes when an entrepreneur builds upon a simple idea, but one that is needed to fill or circumvent a challenging institutional void.
Business Plan Building Commences: At the end of each week, students will apply the lessons learned as a guide to building a solid business plan. The first week, for example, will focus on getting an entrepreneur to think about opportunities available in their region, and get the participant to think about practical and insightful ways to size their market, think about the stakeholders that would be involved in launching their ventures, as well as thinking about what strategic advantages they have that would lead to success.
Week 2: Standardization and Scaling
How does an entrepreneur take a viable business model, and decide which aspects of it lend themselves to standardization so that it can help scale it across (parts of) the continent? Is scale best sought in a particular instance within a country, a region, or continent-wide? Related to this, how does one make the pitch to providers of growth capital? How, if at all, does that pitch differ from that made to attract start-up capital in the first instance? Capital can be obtained from a range of sources, each with its pros and cons.
Week 3: Thinking about your brand
In this week, students will focus on building a brand that garners broad-based support and loyalty. Brands communicate intangible promises – trust, integrity, reliability, respect, among others. On a practical note, how can brands be conceived and nurtured in environments where the specialist intermediaries often helpful in building brands are not always available (market research firms, advertising platforms, agencies that value brands)? How should one think of the cost of branding one’s venture? To what extent is the paucity of African brands an opportunity rather than a limitation for the astute entrepreneur?
Week 4: Defending your business model from its inception
At the heart of this week’s learning is the key question: How does an entrepreneur defend her idea? Put another way, how can you protect the results of your creativity? Patenting as a formal protective mechanism is sometimes useful, though for the most part has less utility in emerging markets such as those in Africa (compared to mature economies). So how can one think more holistically, by incorporating other barriers to imitation? What are the tradeoffs involved in doing so?
Week 5: Partnerships and Platforms
Students this week will consider multiple platforms – ranging from government-sponsored initiatives to technology and media platforms – that an entrepreneur can tap into as vehicles for success. Indeed, all entrepreneurs should consider actively leveraging such entities. Platforms lower the cost of customer access, allow one to contribute to and benefit from knowledge sharing, and permit the continued reinvention of the business.
Week 6: Launching your business venture
This week will focus on the execution of the business plan. All students participating in the business plan module will submit their final business plan in week six, and the course professors will choose a select number of plans for the final, live pitch session in front of a jury of African business leaders and experts. All students will be able to learn from, and comment on, the African jury’s selection process and the factors that African business leaders and experts consider when evaluating a business plan and pitch. The live session will then culminate in a course wrap up where the professors will offer students a review of the course’s key learnings.
There will be a live pitch session where finalists will present their pitches live to an jury of African business leaders and experts.